Notes from Charlotte County, Florida

SHORT SALE Update – Punta Gorda, Port Charlotte, North Port, Association of Realtors

Short Sale Property Definition - A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

Many homeowners don’t realize that this may be a viable option versus a foreclosure. Short Sale properties have increased in numbers over the past year in all areas of the country as well as in Punta Gorda, Port Charlotte, and North Port. Short sales are typically a longer process, but can be a win/win situation for both the buyer and seller.

Depending on the lender, the seller may be able to have a negotiated settlement for less than they owe on the mortgage, and the buyer can obtain a property at a very competitive market price.

Over the last three months we have seen a consistent number of short sales in the Punta Gorda, Port Charlotte, and North Port areas. In May of 2008 there were 23 total sales, and in both June and July there were 24 total short sales in each month.

As of today’s date there are 813 short sales available in Punta Gorda, Port Charlotte, and North Port. Of course this number changes daily.

Of the 813 short sales that are active in our area, 44.5% are available in North Port, 40% of them are available in Port Charlotte, and 15.5% are available in Punta Gorda.

It is always best to use a real estate professional that knows the Short Sale process and market. The “mlsDetectives” do have extensive experience in the Short Sale market and have access to an in house mitigation company; Florida Short Sales.

The in-house mitigation department will walk you through the process of preparing your home to be sold below your current mortgage. They will also assist in the negotiations on your behalf.

Please feel free to contact Mike Federau or Curt Mellon for an evaluation of your property and circumstances to see if you may be eligible for a short sale, or if you are interested in buying a property that is being sold short of the mortgage.

Call us, we can help (866) 315-9905